Piramal Enterprises Ltd. on Monday said it has received $900 million (around Rs 6,500 crore) on completing the divestment of stake in its healthcare insights and analytics business to U.S.-headquartered Clarivate Analytics.
The company in January this year announced an agreement for sale of its Decision Resources Group business to Clarivate Analytics for $950 million, and had said it would use the money to reduce debt and to explore organic and inorganic growth opportunities.
PEL DRG Dutch Hold CoBV, a 100 percent subsidiary of Piramal Enterprises Ltd. and the holding company for DRG, had signed the definitive agreement for sale of DRG business.
"... the transaction has closed on Feb. 28, 2020, and the company has received the consideration amount of $900 million pursuant to the closing. The remaining $50 million would be received at the end of 12 months from the closing as per the agreed terms," Piramal Enterprises said in a filing to BSE
Shares of Piramal Enterprises were trading at Rs 1,419.85 per scrip on BSE, up 8.61 percent from their previous close.
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